HIIQ Resolves Legacy regulatory matter in the State of Washington
02 Janvier 2020 - 2:30PM
Health Insurance Innovations, Inc (NASDAQ: HIIQ) today announced
the resolution and closure of an investigation by the Office of the
Insurance Commissioner of the State of Washington.
Washington was not one of the 40 states that participated in the
HIIQ multi-state regulatory settlement agreement that became final
in February 2019 and instead commenced a separate investigation
based largely on the subject matter of the settled multi-state
examination. HIIQ ceased conducting business in the State of
Washington in April 2019.
“In light of the previously announced de-emphasis of our IFP
business, we made a strategic decision to settle this legacy matter
with Washington rather than continue with a time-consuming and
costly legal process that we don’t believe would benefit our
stakeholders,” said Gavin Southwell, HIIQ’s President and Chief
Executive Officer.
“With respect to the multi-state regulatory settlement
agreement,” added Mr. Southwell, “we are pleased to report that
HIIQ continues to be in compliance with the requirements, measures,
and enhanced controls agreed to as a part of the regulatory
settlement agreement.”
In the settlement with the Washington Office of Insurance
Commissioner, HIIQ agreed to pay $1.5 million to Washington.
The settlement was concluded on December 31, 2019.
About Health Insurance Innovations, Inc.
(HIIQ)
HIIQ is a market leading cloud-based technology platform and
distributor of innovative health and life insurance products that
are affordable and meet the needs of consumers. HIIQ helps develop
insurance products through our relationships with best-in-class
insurance companies and markets them via its broad distribution
network of third-party licensed insurance agents across the nation,
its call center network and its unique online capabilities.
Additional information about HIIQ can be found
at HIIQ.com.
Forward-Looking Statements
This press release contains "forward-looking statements" within
the meaning of the U.S. Private Securities Litigation Reform Act of
1995. Forward-looking statements are statements other than
historical fact, and may include statements relating to goals,
plans and projections regarding new markets, products, services,
growth strategies, anticipated trends in our business and
anticipated changes and developments in the United States health
insurance system and laws. Forward-looking statements are based on
HIIQ’s current assumptions, expectations and beliefs are generally
identifiable by use of words “may,” “might,” “will,” “should,”
“expects,” “plans,” “anticipates,” “believes,” “estimates,”
“predicts,” “potential” or “continue,” or similar expressions and
involve significant risks and uncertainties that could cause actual
results, developments and business decisions to differ materially
from those contemplated by these statements. These risks and
uncertainties include, among other things, our ability to maintain
relationships and develop new relationships with health insurance
carriers and distributors, our ability to retain our members, the
demand for products offered through our platform, factors affecting
growth in the Medicare market, our ability to grow our Medicare
business, cash flow from our IFP business, regulatory oversight and
examinations of us and our carriers and distributors, legal and
regulatory compliance by our carriers and distributors, the amount
of commissions paid to us or changes in health insurance plan
pricing practices, competition, changes and developments in the
United States health insurance system and laws, and HIIQ’s ability
to adapt to them, the ability to maintain and enhance our name
recognition, difficulties arising from acquisitions or other
strategic transactions, and our ability to build the necessary
infrastructure and processes to maintain effective controls over
financial reporting. These and other risk factors that could cause
actual results to differ materially from those expressed or implied
in our forward-looking statements are discussed in HIIQ's Annual
Report on Form 10-K filed with the Securities and Exchange
Commission (SEC) as well as other documents that may be filed by
HIIQ from time to time with the Securities and Exchange Commission,
which are available at www.sec.gov. Any forward-looking statement
made by us in this press release is based only on information
currently available to us and speaks only as of the date on which
it is made. You should not rely on any forward-looking statement as
representing our views in the future. We undertake no obligation to
publicly update any forward-looking statement, whether written or
oral, that may be made from time to time, whether as a result of
new information, future developments or otherwise.
Contact:
Health Insurance Innovations, Inc.:
Michael DeVries
SVP Finance
(813) 906-5314
mdevries@hiiq.com
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